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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.8% - 8.8% | 9.3% |
| Terminal EBITDA Multiple | 9.8x - 11.8x | 10.8x |
| Fair Value | C$27.44 - C$32.61 | C$29.98 |
| Upside | -21.5% - -6.7% | -14.3% |
| Select Revenue and EBITDA Forecast | ||||||
| (USD in millions) | Input Projections | |||||
| Fiscal Years Ending | Jul-24 | Jul-25 | Jul-26 | Jul-27 | Jul-28 | Jul-29 |
| Revenue | 53,803 | 56,604 | 59,461 | 62,374 | 65,706 | 67,642 |
| % Growth | -5.6% | 5.2% | 5.0% | 4.9% | 5.3% | 2.9% |
| EBITDA | 15,282 | 22,181 | 22,435 | 22,999 | 24,472 | 25,193 |
| % of Revenue | 28.4% | 39.2% | 37.7% | 36.9% | 37.2% | 37.2% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | Jul-25 | Jul-26 | Jul-27 | Jul-28 | Jul-29 | |
| EBITDA | 22,181 | 22,435 | 22,999 | 24,472 | 25,193 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (2,747) | (2,081) | (1,520) | (890) | (5,095) | |
| EBIT | 19,434 | 20,354 | 21,480 | 23,582 | 20,098 | |
| Pro forma Taxes | (3,498) | (3,664) | (3,866) | (4,245) | (3,618) | |
| NOPAT | 10,721 | 15,936 | 16,690 | 17,613 | 19,337 | 16,480 |
| Capital Expenditures | (670) | (904) | (932) | (975) | (1,164) | (1,353) |
| NWC Investment | (658) | 577 | 588 | 600 | 686 | 399 |
| (+) D&A | 2,208 | 2,747 | 2,081 | 1,520 | 890 | 5,095 |
| Free Cash Flow | 11,601 | 18,356 | 18,428 | 18,757 | 19,749 | 20,621 |
| % Growth | 58% | 0% | 2% | 5% | 4% | |